Cornerstone Arranges $8.5M Construction Loan for 24-Unit Multifamily Property in Boston
BOSTON — Cornerstone Realty Capital has arranged a $8.5 million construction loan for the Residences at Hyde Park Station, a 24-unit multifamily property in Boston. The property will consist of 24 two-bedroom units, one 300-square-foot commercial space, a common area roof deck and a parking garage. The permanent financing carries a fixed interest rate, an 85 percent loan-to-cost structure, a seven-year term and a 30-year amortization schedule. The lender and construction schedule were undisclosed.